Airtel removes roaming charges on calls, data

 India's largest mobile phone service provider also said international call rates will be cut by up to 90 percent to as low as Rs 3 per minute and data charges by up to 99 percent to Rs 3 per MB across popular roaming destinations. Airtel removes roaming charges on calls, data Bharti Airtel today announced removal of all roaming charges for outgoing and incoming calls as well as SMSes and data usage within India as it takes on competition from new comer Reliance Jio. India's largest mobile phone service provider also said international call rates will be cut by up to 90 percent to as low as Rs 3 per minute and data charges by up to 99 percent to Rs 3 per MB across popular roaming destinations. In a press statement.

Idea-Voda to ring in deal in Mar alongside Grasim-Nuvo vote call

 The much-awaited announcement on the mega-merger of telecom majors Vodafone and Idea Cellular might come in the first week of March, alongside voting notices that the Kumar Mangalam Birla group plans to send out to the shareholders of Grasim Industries and Aditya Birla Nuvo on their proposed merger. The much-awaited announcement on the mega-merger of telecom majors Vodafone and Idea Cellular might come in the first week of March, alongside voting notices that the Kumar Mangalam Birla group plans to send out to the shareholders of Grasim Industries and Aditya Birla Nuvo on their proposed merger, reports Business Standard.

Airtel revenue may fall by 1% post roaming cost cut:

PhillipCap Naveen Kulkarni of Phillip Capital is of the opinion that Reliance Jio finally becoming paid does not spell good news for incumbents. He instead says that the Rs 303 scheme introduced by Mukesh Ambani last week is very competitive and so will continue to maintain pressure on exisiting operators.Naveen Kulkarni (more) Co-Head of Research, PhillipCapital | Error loading player: No playable sources found Bharti Airtel 's revenues may see a meagre 1 percent decline following its move to drop national roaming charges, said Naveen Kulkarni of PhillipCapital. Roaming charges, both international and national, constitute around 4 percent of revenues for the telecom giant. Kulkarni added that the tariff war has only become. He expects a lot of pressure on tariffs in the telecom sector for the next one to two years. 

Digital payments get a boost: Oilcos to bear MDR on fuel buying 

The impasse over the payment of merchant discount rate (MDR) charges on fuel purchases via debit cards seems to have reached a conclusion with oil retailing companies - Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp - agreeing to pay the charges, at least until.The impasse over the payment of merchant discount rate (MDR) charges on fuel purchases via debit cards seems to have reached a conclusion with oil retailing companies - Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp - agreeing to pay the charges, reports the Mint today. The move will excuse the buyer, who currently pays the fee, and the fuel dealer from making payment. MDR, a fee charged by the bank, is currently applicable at 1 percent on credit card and 0.25-1 percent on debit card use via swipe machines. The government had waived MDR at fuel stations till December 31 to encourage cashless transactions after it kicked off the demonetisation exercise, which had led to a sudden shortage of high-denomination notes. However, as the temporary waiver ended in January and banks raised demand for reimplementation of MDR.

IOC keen to buy 26% stake in GSPC's Mundra 

LNG terminal State-owned Indian Oil Corp is in talks to buy 26 percent stake in debt-laden Gujarat State Petroleum Corp's almost-completed Rs 4,500 crore Mundra LNG import terminal in Gujarat. IOC keen to buy 26% stake in GSPCs Mundra LNG terminal State-owned Indian Oil Corp ( IOC ) is in talks to buy 26 percent stake in debt-laden Gujarat State Petroleum Corp's (GPSC) almost-completed Rs 4,500 crore Mundra LNG import terminal in Gujarat. The 5 million tonnes a year import terminal, the third facility in Gujarat for import of natural gas in its liquid form in ships, is nearing completion and GSPC is keen to exit the project completely. "They offered us all of their 50 percent stake but we are keen to take 26 percent for now," an IOC official said. With a view to expand its gas business, IOC is keen to buy a stake in Mundra terminal but does not want GSPC to exit the project completely. IOC, the country's largest oil company, wants the state government entity to remain as a part of the project for smooth operations, he said. Gujarat already has a 15 million tonnes liquefied natural gas (LNG) import facility operated by Petronet LNG Ltd at Dahej and another 5 million tonnes terminal of Shell at Hazira. The official said IOC is keen to take half of GSPC stake and wants the Gujarat government entity to keep the remaining 25 per cent. 

ONGC board approves pact to acquire GSPC stake for USD1.2 bn

 The Board of state-owned ONGC has approved signing of definitive agreements for buying debt- laden GSPC's entire 80 per cent stake in KG-basin natural gas block for USD 1.2 billion. ONGC board approves pact to acquire GSPC stake for USD1.2 bn The Board of state-owned ONGC has approved signing of definitive agreements for buying debt- laden GSPC's entire 80 per cent stake in KG-basin natural gas block for USD 1.2 billion. ONGC will pay USD 995.26 million for three discoveries in the KG-OSN-2001/3 block that are under trial production since August 2014. Another USD 200 million will be paid for six other discoveries for which GSPC has been finalising an investment plan to bring them to production. "ONGC Board has approved execution of farm-in/farm-out agreement with GSPC in respect of acquisition of 80 per cent Participative Interest (PI) and Operatorship in the NELP-III block KG-OSN- 2001/3," a company statement said here. ONGC had on December 23 last year agreed to acquire the stake of Gujarat State Petroleum Corp (GSPC). 

Cong non-committal on backing Sena; goes in wait and watch 

With elections to BMC throwing up a fractured verdict, thinking is strong in Maharashtra Congress that it should consider the option of enabling the Shiv Sena to foist its candidate as mayor of the civic body. | With elections to BMC throwing up a fractured verdict, thinking is strong in Maharashtra Congress that it should consider the option of enabling the Shiv Sena to foist its candidate as mayor of the civic body. The Congress, which managed to secure only 31 seats in the 227-member House, however, is unlikely to rush to a decision, preferring to wait till the crucial elections to the five states are over. The tally of Shiv Sena, which emerged as the single largest party after the counting on Thursday, has risen to 87 corporators with three party rebels who won as Independent nominees returning to its fold yesterday. This gave a slight push to Uddhav Thackeray's efforts to cobble up numbers but reaching the magic figure of 114 seats needed to rule the crucial civic body is still a far cry. He however, continued to maintain that the coveted Mayor's post will be held by Sena only. "Party workers feel Sena is a lesser evil than the BJP," said a Congress state office-bearer, who did not wish to be identified.

Drug cos focus on automation & work culture to meet compliance 

Faced with increasing regulatory scrutiny -- Indian drug makers working more closely then ever before on Friday said they have been investing on automation, simplifying and standardizing systems and working on building culture of compliance within their organizations -- as they don’t want to be seen as outliers in terms of regulatory compliance. Viswanath Pilla Faced with increasing regulatory scrutiny, Indian drug makers who are working together more closely then ever, on Friday said that they have been investing in automation, simplifying and standardizing systems and working on building culture of compliance within their organizations -- as they don’t want to be seen as outliers in terms of regulatory compliance. Here is what heads of top five Indian pharmaceutical companies had to say at IPA’s second edition of India Pharmaceutical Forum 2017 on the quality measures implemented at their individual companies, and what still needs to be done in terms of becoming fully compliant with US FDA regulatory expectations. Sun Pharma   India’s largest drug maker by sales --

Piramal Enterprises partners with Ivanhoé 

Cambridge, to invest in residential projects Diversified firm Piramal Enterprises (PEL), on February 23, 2017, said that it has entered into a partnership with Ivanhoé Cambridge, to provide long-term equity capital to residential projects across five metros in the country. R Diversified firm Piramal Enterprises (PEL), on February 23, 2017, said that it has entered into a partnership with Ivanhoé Cambridge, to provide long-term equity capital to residential projects across five metros in the country. The investment focus shall include the Mumbai Metropolitan Region, Delhi-NCR, Bengaluru, Pune and Chennai. Ivanhoé Cambridge, a real estate subsidiary of CDPQ (Caisse de dépôt et placement du Québec), will be allocating an initial USD 250 million for this purpose. “At a time when the real estate sector is going through a slowdown, this platform will help developers to raise funds for their projects. Such equity funding with tier-1 development partners, will enable us to deploy capital over a longer time horizon and facilitate participation in larger projects, with the ability to generate returns across real estate cycles,” Piramal Fund Management’s managing director, Khushru Jijina said. See also: Piramal Fund Management okays two projects of Rs 1,020 crores, under flexi LRD scheme

BMC election results 2017 LIVE: Shiv Sena doubles lead over

 BJP Welcome to the live coverage of Brihanmumbai Municipal Corporation (BMC) election results which will decide the fate of the two front-runners, BJP and Shiv Sena. Exit polls have estimated that the two parties are competiting neck to neck, with Sena hoping to retain power. From ward no. 204, Shiv Sena's Anil Kokil wins by 6110 votes. 1 Counting of votes is going on for 227 wards. Shiv Sena members have started celebrating party's win as early numbers predict that the party will come in power.  It seems that BJP is catching up. Latest leads say that BJP now is leading in 50 seats.  Sena maintains hold on Mumbai, BJP has edge in Nashik  Former Mayor Shraddha Jadhav has won from ward no. 202 consecutively for the sixth time.   Till now the tally looks like- Shiv Sena- 83, BJP- 48, Congress- 17, NCP- 7, MNS- 9  Raj Thackeray led MNS (Maharashtra Navnirman Sena) is leading only in nine seats.  According to the latest leads, Congress is leading in 16 seats and NCP is leads in only 7.  Goregaon, which was earlier dominated by the Marathi population, now has North Indians residing there in big numbers. This changed demographic has made competition for the political parties more tough.  Very happy to see the early lead, we won't require the support of the BJP to form the alliance, said Shiv Sena leader Subhash Desai.

India needs to create bad bank quickly: CEA Arvind Subramanian

 The Finance Ministry on Wednesday backed a call by the Reserve Bank of India to set up an institution similar to a "bad bank," saying urgency was needed to address troubled loans weighing on the banking sector that were hobbling investment and growth. The Finance Ministry on Wednesday backed a call by the Reserve Bank of India to set up an institution similar to a "bad bank," saying urgency was needed to address troubled loans weighing on the banking sector that were hobbling investment and growth. Finance Ministry's Chief Economic Adviser Arvind Subramanian, said that delaying a cleanup would further reduce private-sector investment and make the problem worse for Asia's third-largest economy. His comments backed forthright views expressed in a speech on Tuesday by Viral Acharya, the new Deputy Governor of the RBI, who said India's failure to tackle bad loans was the result of a piecemeal approach that had given "all discretion" to lenders. "There is very much urgency," Subramanian told a news briefing in New Delhi, adding that the government was in touch with the RBI on the matter. "The government is looking at it very closely. I think the more you delay the problem more private investment will remain weak. That is, I think, the big cost we face now, and of course, losses of the government keep mounting.

Demonetisation and RERA: How will it impact property prices? 

 This has been so, because of a steady supply of real estate assets that may not find actual physical use in the near future but provide suitable avenues for ‘parking’ of unaccounted monies. The step of demonetisation has essentially caused the demand to temporarily, if not permanently, slow down in the purchaser segments which have traditionally used real estate to ‘park’ unaccounted monies. In terms of the supply stock, this has affected sales in the secondary market, as well as assets developed at a small scale, viz., petty contractors working as developers. Demonetisation has hit the real estate industry in three ways: Slowdown in production, including stoppage of new launches. Shifting of demand and reduced purchaser interest in new products. Prices being lowered to clear ready inventory. See also: Is the post demonetisation period, a good time to invest in property? Remonetisation: Will real estate prices come down or go up? The argument in favour of higher property prices Prior to demonetisation, deals between developers and land owners often used to be entirely cash-based. If cash transfers are made illegal for land-based transactions, there is a real possibility that land owners will load the tax costs on the price to the developer and in turn, the developer will load this cost back to the purchaser.

Chandrasekaran faces uphill task as Tata Sons boss. Is he ready?

 As Natarajan Chandrasekaran takes the helm as Tata Sons Chairman, there are challenges that may bog him down but well-wishers feel the 54-year-old is well-equipped to handle the challenges that the top job entails. Among the many issues that Chandrasekaran inherits will be loss-making telecom unit Reliance Communications -Aircel merger. Besides, there are several legal wrangles waiting to be sorted with its former JV partner NTT DoCoMo both in India and abroad. Next are the allegations and legal recourse sought by predecessor Cyrus Mistry’s and his camp. Mistry was unceremoniously ousted as a Tata Sons Chairman in October 2016 Besides, group units like   posted a 96 percent dip in profits on the back of weak JLR performance and unstable product mix. There are industry-wide concerns over US President Donald Trump’s policies on H-1B visas.

Infosys shouldn’t follow TCS and buy back shares but spend on 

F uturistic restructuring seemingly unconnected events on presented a momentof truth or choice -- for Infosys, the darling of India's software revolution. One was the announcement in Mumbai that industry leader Tata Consultancy Services  following the footsteps of another industry giant Cognizant had set a Rs 16,000-crore ($2.4 billion) buy back of shares to improve shareholder value. The other was a news conference in Bangalore, where Infosys's co-founder and former CEO Nandan Nilekani shared the stage with Microsoft's Indian-born CEO Satya Nadella to discuss future possibilities in software. Should Infosys spend a good slice of its $5.25 billion (Rs 35,000 crore) cash reserves to buy back its shares, imitating TCS and Cognizant? I should think not because there is a vast vista opening up for Infosys CEO Vishal Sikka, even as he faces pain linked to the company's legacy. Sikka is a beleagured man, with his creative brilliance somewhat challenged by a strange confrontation involving the company's co-founders and former executives. 

Modi's graveyard remark: Outrage over

 PM's comment points to sorry subversion of 'secularism' in India The founding fathers of Indian Constitution, while seeking to build a modern nation-state, did not include the word "secular" in the Preamble. It was later enacted through the 42nd amendment in 1976. The sagacious heads who drew up the framework of modern India were not fools. They were well aware that the concept of western secularism, which was rooted in the movement for personal freedom against largely Christian theocratic states, would be ill-suited for the multi-cultural ethos of the Indian melting pot. Whereas in the west the notion of "secularism" indicates the separation of state and religion, in India the term eventually sought to accord 'equality' to all religions — equal respect, freedom and importance. The importance of this cannot be overstated. The 42nd amendment makes it clear that Indian state won't play the game of favouritism. There would be no special status for any religion. Or at least that was the plan. In 40 years since that amendment was enacted, secularism has now become a much-abused term — a notion violated so much in spirit and letter that it has come to mean the opposite of what it was intended for. It is now a code word.

Pakistan lists Hafiz Saeed under anti-terrorism act 

Mumbai attack mastermind and JuD chief Hafiz Saeed, who is under house arrest, has now been listed under Pakistan's anti-terrorism act, a tacit acknowledgement of his links to militancy. |  Mumbai attack mastermind and JuD chief Hafiz Saeed, who is under house arrest, has now been listed under Pakistan's anti-terrorism act, a tacit acknowledgement of his links to militancy. Dawn News reported that the Punjab government has included names of Saeed and one of his close aides, Qazi Kashif, in the fourth schedule of the Anti-terrorism Act (ATA). Three other men were also added to the list -- Abdullah Obaid from Faisalabad, and Zafar Iqbal and Abdur Rehman Abid from the Markaz-i-Taiba, Muridke. Saeed and the four men added to the fourth schedule of the ATA were also placed under house arrest on January 30 in Lahore amid an angry uproar from his party and political allies. The five men were identified by the Interior Ministry as "active members of the Jamaat-ud-Dawa (JuD) and Falah-i- Insaniyat (FIF)," the report said. The ministry directed the Counter Terrorism Department to "move and take necessary action" against them.

Modi says movement towards digital transactions will continue

 Addressing a rally of the National Cadet Corps (NCC), Modi  the cadets can play a catalytic role in helping the citizens inculcate the habit of cleanliness. Stressing the benefits of a less cash society, Prime Minister Narendra Modi on Saturday said India would continue moving towards digital transactions and called upon the youth to make it successful. Addressing a rally of the National Cadet Corps (NCC), Modi also said the cadets can play a catalytic role in helping the citizens inculcate the habit of cleanliness. "The country is walking towards digital currency and NCC cadets have played an instrumental role in that endeavour. Printing and distributing notes entails expense of billions of rupees. Just to take care of one ATM, it needs five policemen," said Modi. "But if we go digital, we can save a lot of money. This money then can be used for providing houses, education and medical facilities to the poor.

India will achieve solar energy target: 

 India will definitely achieve the target for enhancing solar power capacity and add 10,500 MW in the current fiscal, New & Renewable Energy Minister Piyush Goyal said today. India will definitely achieve the target for enhancing solar power capacity and add 10,500 MW in the current fiscal, New & Renewable Energy Minister Piyush Goyal said today. India has set an ambitious target of adding one lakh MW of solar power generation capacity by 2022 which is five times more than the earlier target of 20,000 MW under National Solar Mission. "The way things are progressing in solar energy sector. We will definitely achieve our target. Solar energy is economically viable," Goyal said at an event here. Some experts and consultancies have expressed apprehension about huge targets of solar power capacity addition during the current fiscal. "Our estimates show that unless challenges like transmission and financing are addressed urgently, the industry will miss the targets by big margins,"

Majority of consumers willing to adopt mobile payments:

 Consumers also believe that relying on mobile payments could be a time-saver, according to the 'Visa Mobile Payments Readiness Survey'. |  Majority of consumers in the country are ready to move away from cash and adopt mobile payments for their purchases, says a report. Consumers also believe that relying on mobile payments could be a time-saver, according to the 'Visa Mobile Payments Readiness Survey'. "When it comes to paying in a store, the majority of consumers in the country are prepared to leave their cash at home and use mobile payments," it said. The survey asked 1,000 consumers about their attitudes towards using their mobile phones to make purchases. It found that 93 percent of respondents were interested in using electronic payments more often. "Cashless payments are faster and more convenient than using notes and coins," Visa Group Country Manager (India and South) T R Ramachandran said. In the last quarter, Visa saw nearly 75 percent increase in payments volume in the country and the number of processed transactions more than doubled. "It is important that we maintain this cashless momentum and the strong interest to use mobile payments represents an opportunity to convert cash-carrying consumers over to electronic payments," 

GSM mobile additions at 5.15 million in January: 

COAI The Indian telecom industry added 5.15 million mobile subscribers in January this year, which was lower than the 8.18 million subscribers added in December. GSM mobile additions at 5.15 million in January: COAI The Indian telecom industry added 5.15 million mobile subscribers in January this year, which was lower than the 8.18 million subscribers added in December. The total number of GSM subscribers in the country stood at 815.15 million in January, according to the monthly data released by cellular operators' association COAI. The figure includes the subscriber additions by COAI members companies like Bharti Airtel , Vodafone, Idea Cellular but excludes the subscriber numbers of newcomer Reliance Jio. Amongst the telecom companies, Bharti Airtel continued to hold the pole position in January, adding another 3.55 million subscribers during the month taking its total subscriber base to 269.40 million. "Airtel is closely followed by Vodafone with 206.44 million subscribers and Idea Cellular with 192.06 million subscribers

Tata calls upon fellow industrialists to invest in Jharkhand 

 "Under the Prime Minister and his government, India is on the threshold of projecting itself as a new India," said Tata, who started his career at Tata Steel in Jamshedpur. Tata calls upon fellow industrialists to invest in Jharkhand Recalling his initial days in Jamshedpur, Tata Group patriarch Ratan Tata today said Jharkhand has great potential and called upon domestic and global corporates to seize the immense investment opportunity. "Under the Prime Minister and his government, India is on the threshold of projecting itself as a new India," said Tata, who started his career at Tata Steel in Jamshedpur the Momentum Jharkhand Global Investors' Summit 2017, he said India has great opportunities.

Ratan Tata launches 'Moonshot Wheels' TeamIndus 

Foundation is the CSR arm of TeamIndus, the only Indian team competing for the Google Lunar XPRIZE of USD 25 million that requires privately funded teams to land their spacecraft on the surface of the moon, travel 500 metres and broadcast high definition video,images and data back to Earth. Ratan Tata launches Moonshot Wheels Tata Group patriarch Ratan Tata launched TeamIndus Foundation's 'Moonshot Wheels' - a bus which will traverse the country with an aim to inspire the next generation about India's first private moon mission. TeamIndus Foundation is the CSR arm of TeamIndus, the only Indian team competing for the Google Lunar XPRIZE of USD 25 million that requires privately funded teams to land their spacecraft on the surface of the moon, travel 500 metres and broadcast high definition video,images and data back to Earth. Moonshot Wheels is a bus which will traverse nine states, 12,500 kms in 12 months, across India impacting 36,000+ students in government schools, the foundation officials said.

Tata Comm to invest $300 mn to expand network, platform in FY18 

 Tata Communications -- which last month announced that Tata Communications (Netherlands) has made an investment into Teleena Holding to become single largest shareholder with 35 percent stake -- said it continues to look for similar investments. Tata Comm to invest $300 mn to expand network, platform in FY18 Tata Communications Ltd will invest USD 300 million into expansion of network, platform and software during 2017-18, and is also looking at acquisitions in new service areas such as Internet of Things, mobility and cloud. "In telecom, networks need to to expand in terms of scale and reach to create infrastructure closer to customers. So, there is a natural amount of spend that is required...We will be spending USD 150 million on network, and USD 150 million into platform, software and other capabilities," Vinod Kumar, MD and Group CEO, Tata Communications Ltd told PTI. He said that half of the overall capex would be channelised towards "augmenting network capacity" both the domestic and international leg.

Bad bank is a good idea, says Uday Kotak Describing the 24 PSU banks as

 The 70 percent problem" (in reference to the over 70percent market share of these banks), he wondered what was the need for so many state-run lenders, which is the highest in the world after China. Bad bank is a good idea, says Uday Kotak Kotak Mahindra Bank chief Uday Kotak today called for a national bad bank, saying the present state of the financial sector needs such an institution so that they can continue to oil a fast-growing economy. "The stress in our banking sector must be eradicated to allow the system to lend to small businesses and other growing sectors of economy. And the present health of our public sector banks do not allow them to do so. "Therefore, a national bad bank is a good idea," Kotak said delivering the Pravinchandra Gandhi lecture at the Mumbai University organised by the industry body IMC. Describing the 24 PSU banks as "the 70 percent problem" (in reference to the over 70percent market share of these banks), he wondered what was the need for so many state-run lenders, which is the highest in the world after China. "I am all for public sector banks. Their service to the nation is humongous.

Lufthansa to launch A350-900 services on

 Munich-Mumbai route on Wednesday revealed plans to introduce services of its latest "The second destination in India that we serve out of Munich -- Munich-Mumbai -- will soon be served with the Airbus 350-900," said Carsten Spohr, Chairman of Executive Board and CEO Lufthansa Group. On February 11, 2017, New Delhi became the first destination worldwide "With the A350-900, Lufthansa scripts a milestone in their fleet-strategy by entering the two-litre fleet-category," Spohr elaborated. "This state-of-the-art aircraft marks a generational change on long-haul routes with 25 per cent less fuel consumption, 25 per cent less carbon dioxide emissions and 50 per cent less noise.

GAAR from April 1, 2017; to be invoked in fair, rational manner: 

 Department Friday said the provisions of tax avoidance rules will not apply to a transaction that does not carry a tax benefit based on the jurisdiction it is routed through. It said adequate procedural safeguards are in place to ensure that General Anti-Avoidance Rules (GAAR), which seek to prevent companies from routing transactions through other countries to avoid taxes, are invoked in "a uniform, fair and rational manner". GAAR, it said, will come into force from April 1 and can be invoked only through a two-stage process involving a nod at the level of principal commissioner of income tax and a panel headed by a high court judge. The new rules give tax authorities the right to scrutinise and tax transactions which they believe are structured solely to avoid taxes. But it "will not interplay with the right of the taxpayer to select or choose method of implementing a transaction", the Central Board of Direct Taxes said in clarifications on GAAR. GAAR provisions shall be effective from assessment year 2018-19 and "shall not be invoked merely on the ground that the entity is located in a tax efficient jurisdiction," it said. "If the jurisdiction of FPI is finalised based on non-tax commercial considerations and the main purpose of the arrangement is not to obtain tax benefit, GAAR will not apply." This essentially means that any transaction that carries a tax benefit could be questioned.

Donald Trump says he will unveil overhauled immigration order next weekIn a court filing  

Justice Department asked for a pause in proceedings before the 9th US Circuit Court of Appeals, which sided with a federal court in Washington state to suspend the travel ban, while litigation over its legality according to the US Constitution played out. The Justice Department asked the court to vacate that ruling once the administration has rescinded its original order and issued a new one. In an order later on Thursday, the 9th Circuit put proceedings over the ban on hold but did not say whether it would eventually withdraw its previous ruling. The ban has been deeply divisive in the United States, with a Reuters/Ipsos poll indicating about half of Americans supported it shortly after the order took effect. Trump’s decision to issue a new directive plunges court proceedings over his earlier order into uncertainty.

India emerges as 'key player' in global space race: int'l media

 ISRO's Polar Satellite Launch Vehicle PSLV-C37 injected India's weather observation Cartosat-2 Series satellite and 103 nano satellites, including 96 from the US, into orbit after a textbook lift-off from Sriharikota space centre. India emerges as key player in global space race: intl media India has emerged as a "key player" in a growing global commercial market for space- based surveillance and communication, world media commented today after the country scripted history by successfully launching 104 satellites using a single rocket. ISRO's Polar Satellite Launch Vehicle PSLV-C37 injected India's weather observation Cartosat-2 Series satellite and 103 nano satellites, including 96 from the US, into orbit after a textbook lift-off from Sriharikota space centre. The launch was "another success for the Indian Space Research Organisation, which is rapidly gaining a reputation globally for its effective yet low-cost missions," The Washington Post said, noting that India has already sent up dozens of satellites, including 20 at once last year. 

Apple topples Samsung as No 1 in smartphone mkt: Gartner

 Apple toppled Samsung as numero uno player in the global smartphone market with 17.9 percent share in the December quarter, research firm Gartner said today. Apple topples Samsung as No 1 in smartphone mkt: Gartner Apple toppled Samsung as numero uno player in the global smartphone market with 17.9 percent share in the December quarter, research firm Gartner said today. The October-December quarter of last year -- which clocked 7 percent year-on-year growth in overall sales to 432 million units -- saw Samsung finish second with a market share of 17.8 percent. For 2016 overall, smartphone sales to end users totalled nearly 1.5 billion units, an increase of 5 percent from 2015. "This is the second consecutive quarter in which Samsung has delivered falling quarterly smartphone sales. Samsung's smartphone sales declined 8 percent in the fourth quarter of 2016 and its share dropped by 2.9 percentage points year on year," Gartner Research Director Anshul Gupta said.

Donald Trump meets with retail CEOs to talk taxes, imports

 The retailers spoke with Trump about an overhaul of the corporate tax law and infrastructure improvements. While companies like Best Buy and Target support changes to the tax code, they urged Trump to oppose a proposal for a new border tax on imported goods. Donald Trump meets with retail CEOs to talk taxes, imports US President Donald Trump on Wednesday called tax code revisions a critical way to boost the nation's economy as he kicked off a White House meeting with chief executive officers of Target Corp , Best Buy Co Inc and six other major retailers. The retailers spoke with Trump about an overhaul of the corporate tax law and infrastructure improvements. While companies like Best Buy and Target support changes to the tax code, they urged Trump to oppose a proposal for a new border tax on imported goods. The border tax is among sweeping changes proposed by the Republican-controlled House of Representatives. Convincing Trump to oppose the measure would probably bring an end to it. Trump had said on Thursday that he would announce his own "phenomenal" tax plan in the coming weeks. US stocks hit record intraday highs, and the US dollar and bond yields rose.

SBI & associate banks shares soar 3-13% as Cabinet clears merger 

 State Bank of India has received Cabinet approval to merge its five subsidiaries, which will make the bank among top 50 banks in the world. Shares of State Bank of India (SBI) and its listed associate banks (State Bank of Bikaner, State Bank of Mysore and State Bank of Travancore) gained 3-13 percent intraday Thursday on the back of approval from the Cabinet for their merger. State Bank of India has received Cabinet approval to merge its five subsidiaries, which will make the bank among top 50 banks in the world. Finance Minister Arun Jaitley on Wednesday said the Cabinet has approved the merger of the SBI and its five associate banks — State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT). "A formal notification in this regard is awaited from Government of India wherein the effective date of merger will be indicated," SBI said in a statement. 

In the eye of storm, a look at Rajiv Bansal's post Infosys stint

 Former Infosys Chief Financial Officer Rajiv Bansal has remained silent about being at the heart of the strife at his former company as well as his recent exit from Ola. Over the past week, Rajiv Bansal has been at the eye of one of corporate India’s biggest storms after the founders of Infosys questioned the Board’s decision to give the former Chief Financial Officer a hefty severance package of Rs 17.38 crore. Two days after the strife at Infosys came to light, it emerged that Bansal had parted ways with Ola, just a year after joining India’s largest ride-hailing app. Bansal has remained mum on both events, which former colleagues and industry experts say is in keeping with his way of working.

Railways to offer space for app-based cab services

 Encashing the growing demand for application-based cab services, the Railways is all set to provide space for such facility at about 500 major stations, eyeing an annual profit of Rs 300 crores. Railways to offer space for app-based cab services Encashing the growing demand for application-based cab services, the Railways is all set to provide space for such facility at about 500 major stations, eyeing an annual profit of Rs 300 crores. Railway Minister Suresh Prabhu will unveil the new policy for app-based cab service next month along with providing parking space and kiosks near major stations. The Railways at present earns about Rs 122 crores a year from parking spaces across the country. With the new policy, the national transporter envisages Rs 200 crores more annually from these parking spaces, a senior official said.

Conspiracy was hatched at Jaya's Poes Garden residence:

 SC Chennai's Poes Garden, residence of late J Jayalalithaa, was the hub of conspiracy and the money flow from one account to another proved the existence of an "active conspiracy" to launder the then Chief Minister's "ill-gotten wealth" to purchase properties in the names of the shell companies, the Supreme Court said to Conspiracy was hatched at Jayas Poes Garden residence: SC Chennai's Poes Garden, residence of late J Jayalalithaa, was the hub of conspiracy and the money flow from one account to another proved the existence of an "active conspiracy" to launder the then Chief Minister's "ill-gotten wealth" to purchase properties in the names of the shell companies, the Supreme Court said today. The apex court said V K Sasikala and her two relatives -- V N Sudhakaran, Jayalalithaa's foster son, and Elavarasi, the widow of Sasikala's elder brother, resided at Poes Garden with Jayalalithaa "without any blood relation between them". They were "accommodated" there, not on humanitarian concern, but pursuant to the conspiracy hatched by them. "The flow of money from one account to the other proves that there existed active conspiracy to launder the ill-gotten wealth of Jayalalithaa for purchasing properties in the names of the firms," a bench of Justices P C Ghose and Amitava Roy said while convicting Sasikala and her relatives in the 19-year-old disproportionate assets case.

The infrastructure sector has been in doldrums for past two years

 Plagued by the economic slowdown. Project execution was severely impacted on account of delay in land acquisitions and environment clearances. The order inflow remains muted due to slowdown in announcement of new projects across all the sectors. Political bottleneck, heavy interest cost burden and working capital crunch added to the woes of infrastructure companies. As per Care report, order backlog to sales multiple stood at 3 times by the end of FY12. Despite the order backlog to sales multiple looks comfortable, execution of projects remains the key. Rating agency Fitch also downgraded the sector outlook to negative. 

Trump tax talk lifts Wall Street to record high

 "Lowering the overall tax burden on American business is big league," Trump said during a White House meeting with airline industry executives. He gave no indication of what the announcement might entail. Trump tax talk lifts Wall Street to record high Wall Street's three main indexes surged to fresh record highs on Thursday after President Donald Trump said he would make a major tax announcement in a few weeks. "Lowering the overall tax burden on American business is big league," Trump said during a White House meeting with airline industry executives. He gave no indication of what the announcement might entail. The benchmark S&P 500 has rallied 7.9 percent since Trump's Nov. 8 election amid expectations he will usher in lower corporate taxes, but also reduce regulations and increase infrastructure spending. The rally had stagnated in recent days as investors sought details about Trump's policy agenda. Financials , which have soared since the election, were the best-performing group, up 1.4 percent after three sessions of declines, while energy shares gained 0.9 percent. Those sectors stand to benefit should lower taxes spur economic activity as interest rates and the demand for energy rise, said Bruce McCain, chief investment strategist at Key Private Bank, in Cleveland.

RBI keeps lending rate unchanged at 6.25%

 In its first monetary policy review in 2017, on February 8, the Reserve Bank of India (RBI) has decided to keep key rates unchanged. Accordingly, the repo rate at which it lends to the R In its first monetary policy review in 2017, on February 8, the Reserve Bank of India (RBI) has decided to keep key rates unchanged. Accordingly, the repo rate at which it lends to the system stands at 6.25% and the reverse repo rate at which it absorbs excess liquidity is also retained at 5.75%. In the last policy review in December, the RBI had decided to keep policy rate unchanged. At 6.25%, the repo rate is already at a six-year low. The Monetary Policy Committee (MPC) also decided to change the stance from ‘accommodative’ to ‘neutral’ while keeping the policy rate on hold, to assess how the transitory effects of demonetisation on inflation and the output gap play out. “The decision of the MPC is consistent with a neutral stance of monetary policy in consonance with the objective of achieving consumer price index (CPI) inflation at 5% by Q4 of 2016-17 and the medium-term target of 4% within a band of +/- 2%, while supporting growth,” 

States’ real estate rules to be examined by parliamentary committee Minister

 State for Housing and Urban Poverty Alleviation (HUPA), Rao Inderjit Singh, in written reply to a question in the Lok Sabha on February 8, 2017, said that the ministry has received representation R Minister of State for Housing and Urban Poverty Alleviation (HUPA), Rao Inderjit Singh, in written reply to a question in the Lok Sabha on February 8, 2017, said that the ministry has received representation from consumer groups, complaining that some states have reportedly diluted key provisions of the Real Estate (Regulation and Development) Act (RERA), to favour builders. See also: Housing Minister Venkaiah Naidu warns states against diluting real estate law To put a check on this, he said that 

RBI currency press refuses to disclose printing capacity 

The currency note printing press of Reserve Bank of India has refused to disclose its printing capacity, even as similar information is available on its website. RBI currency press refuses to disclose printing capacity The currency note printing press of Reserve Bank of India has refused to disclose its printing capacity, even as similar information is available on its website. Responding to an RTI application by Pune-based activist Vihar Dhurve, Bharatiya Reserve Bank Note Mudran Private Limited cited 8(1)(a) of the Right to Information Act to deny information. The section allows a public authority to withhold the information disclosure of which would prejudicially affect the sovereignty and integrity of India, the security, strategic, scientific or economic interests of the State, relation with foreign State or lead to incitement of an offence. The website of the press, however, mentions "the present capacity for both the presses is 16 billion note pieces per year on a 2-shift basis

Govt may rework indirect tax maths mid-way after

 GST entry Perhaps in a first, the government may have to recalibrate its budgetary tax collection estimate half-way after the goods and services tax (GST) comes into effect from July. Govt may rework indirect tax maths mid-way after GST entry Perhaps in a first, the government may have to recalibrate its budgetary tax collection estimate half-way after the goods and services tax (GST) comes into effect from July. In Budget 2017-18, Finance Minister Arun Jaitley used the traditional tool of setting a modest growth to the expected revenue collection in the current fiscal for indirect tax projections of the next financial year. By that yardstick, 2017-18 will be a different year compared with the past. Mid-way, GST will kick in by subsuming all central indirect taxes such as central excise and service taxes as also state levies like VAT into one.

Snapdeal plans to layoff 1,300 employees, will assess resources

 A bunch of senior level executives have already exited the company including Tony Navin, senior vice president of partnerships and strategic initiatives and Abhishek Kumar, head of merger and acquisitions and investments. With an aim to cut costs, struggling e-commercefirm Snapdeal is likely to downsize its team by around 1,300 employees, a major chunk of which is expected to happen this week, according to two people privy to the development. The segments which will be affected the most include marketplace health team from which around 38 people are being let go off. One of the people quoted above on the condition of anonymity said that this includes downsizing of the California team as well. Snapdeal had set up its data centre in California in May last year. The company has an estimated headcount of over 4,000 employees now. 

Budget 2017: Do you know these changes in income tax return filing process? 

 Changes ensure that income tax reporting happens earlier than what it used to be. Balwant Jain (more) Company Secretary, Bombay Oxygen | Capital Expertise: Tax ,Property Balwant Jain This government is focussing on early reporting of the income by the tax payers for facilitating the decision making. And with this aim in mind has been proposing changes in the income tax law with respect to various aspects of filing of the income tax return. In good old days one was allowed to file income tax returns for previous two years. The previous year’s budget has reduced this to one year

Absolute Tata Power Q3 profit up 38% at Rs 599 cr, operating income sinks

 Tata Power Company's third quarter profit on consolidated basis shot up 38.3 percent year-on-year to Rs 599 crore despite weak operational income and revenue, driven by improved performance of key Indian subsidiaries & coal companies coupled with a favourable tax credit.  Tata Power Company 's third quarter profit on consolidated basis shot up 38.3 percent year-on-year to Rs 599 crore despite weak operational income and revenue, driven by improved performance of key Indian subsidiaries & coal companies coupled with a favourable tax credit. Revenue during the quarter fell by 9 percent to Rs 6,684 crore compared with Rs 7,353 crore in same quarter last year, impacted by lower revenue in standalone on account of lower power purchase cost, lower trading at TPTCL & one time recovery in standalone in previous year quarter.

Bank of Baroda posts Q3 profit at Rs 253 cr, net NPA falls

 Public sector lender Bank of Baroda turned profitable in October-December quarter, with net income at Rs 252.67 crore against big loss of Rs 3,342.04 crore in same quarter last year due to sharp fall in provisions. Public sector lender Bank of Baroda turned profitable in October-December quarter, with net income at Rs 252.67 crore against big loss of Rs 3,342.04 crore in same quarter last year due to sharp fall in provisions. Other income and operating income also boosted bottomline. Net interest income during the quarter grew by 15.85 percent to Rs 3,134.36 crore on year-on-year basis while non-interest income (other income) shot up 59.5 percent to Rs 1,775 crore, driven by improved core fee income as well as trading gains. Advances (loan book) for the quarter stood at Rs 3.49 lakh crore, down 8.9 percent from year-ago quarter while deposits were flat at Rs 5.89 lakh crore. The bank said domestic CASA grew by 43.19 percent year-on-year and 27.94 percent quarter-on-quarter driven by growth in both current accounts and savings bank deposit after demonetisation

Listing of state general insurers may be staggered.

 Here is why Two to be listed in FY18, others insurers' IPO to be done in subsequent financial years M Saraswathy (more) Special Correspondent, The public listing of five non-life general insurance companies will most likely be spaced out. New India Assurance and General Insurance Corporation of India (GIC Re) will probably be hitting the capital markets in FY18 while others will be listed in subsequent years. Last month, the Cabinet gave its nod to list five non-life general insurance companies as part of government's move to reduce its stake to 75 percent from 100 percent in the insurers. Oriental Insurance Company, National Insurance Company, New India Assurance, United India Insurance and national reinsurer General Insurance Corporation of India, or GIC Re are the five insurers who will be listing. “The aim is to complete the process of listing of at least two players by March 2018. Solvency and underwriting performance are the top criteria,” said a senior ministry official. The reasoning behind this more staggered listing process is to give investors enough time between each initial offer.

Union Budget 2017-18: Still a lot of ground to cover for energy sector

 The focus and commitment of this government on clean and renewable energy is clearly visible in this budget as well. r On a high level, it appears that the energy sector once again has not got the necessary impetus in the budget. Hon’ble Finance Minister noted the potential risk of rise in oil prices which could impact the fiscal deficit adversely given significant import dependence of our country. In line with the target to reduce oil import by 10% and increase utilisation of a cleaner fuel, there seems to be an effort towards promoting gas as an alternative source of energy by reducing the customs duty on import of LNG from 5 per cent to 2.5 per cent. Given the exclusion of oil and gas from GST, and adverse ripple impact to follow, it is a good move. The government continues to push the agenda of building healthy strategic crude reserves and the announcement of adding two more caverns for strategic crude storage in Rajasthan and Odisha, to increase strategic reserve capacity to 15.33 MMT.

Budget 2017: A disappointment for Indian renewable sector, says Mercom 

"While the Ministry of New and Renewable Energy (MNRE) has been coming out with new subsidies to spur rooftop installations, the Budget basically thwarts the momentum in rooftop by reducing accelerated depreciation and tax benefits," The 2017-18 Budget is a disappointment for the renewable energy sector as no major subsidies or incentives were announced, says market research firm Mercom, in its post-Budget assessment. "There had been hope that reduction in accelerated depreciation and the expiration of 80-IA tax benefits (the two important incentives for the sector) would be reversed, but that did not happen," the note said. "While the Ministry of New and Renewable Energy (MNRE) has been coming out with new subsidies to spur rooftop installations, the Budget basically thwarts the momentum in rooftop by reducing accelerated depreciation and tax benefits." The Budget did confirm a solar park installation target increase from 20 GW to 40 GW which is needed as rooftop installations are not expected to reach the 40 GW target, the research firm noted. Key highlights proposed in the Union Budget: -

Budget 2017 to bring positive structure to economy:

 Anil Sardana Anil Sardana, MD & CEO, Tata Power is of the view that the efforts that the government has undertaken to bring a positive structure into the economy by moving towards a policy based administration with an increased focus on digitisation. MD, Tata Power Tata Power "We commend the efforts that the government has undertaken to bring a positive structure into the economy by moving towards a policy based administration with an increased focus on digitisation. The government’s commitment to rural electrification and the announcement of an additional 20,000 MW of solar target is a welcome step that gives a much needed boost to the renewable sector. However, we believe that for renewable sector to achieve its potential strengthening the Renewable Purchase Obligations (RPO) mechanism is essential and should be part of government’s larger vision for renewable energy." 

Nifty choppy as investors await cues from monetary policy HDFC Bank,

 Tata Motors, TCS, M&M, Wipro and Cipla gained 0.5-1.5 percent while ITC, Infosys, Axis Bank, ICICI Bank, HDFC and L&T were under pressure. Shares of Tata Elxsi, a global design and technology service leader in the broadcast industry, surged 3 percent on a global partnership with M-Star Semiconductor Inc for display and digital home solutions. The company will provide a comprehensive suite of software for MStar’s System-on-a-Chip (SoC) targeted at set-top boxes (STB). Communication service providers, MSOs and OEMs are expected to gain from the partnership, the company said. Earnings estimates: World's largest forging company Bharat Forge's earnings may be subdued in the quarter ended December 2016, following weak performance in previous quarter. Consolidated profit during the quarter is seen falling 19 percent year-on-year to Rs 137 crore and revenue may decline 9.5 percent to Rs 951.7 crore, according to average of estimates of analysts polled  Weak performance in export markets is expected hit revenue.

Budget strikes a balance between fiscal consolidation & capex

 The Union Budget has truly managed to strike a fine balance between fiscal consolidation and public spending to spruce growth, against the backdrop of challenging global and domestic environment. Rana Kapoor (more) MD & CEO, Yes Bank | Rana Kapoor CEO, Yes Bank The Union Budget has truly managed to strike a fine balance between fiscal consolidation and public spending to spruce growth, against the backdrop of challenging global and domestic environment. The way the Budget has been presented has undergone massive changes in the form of removal of plan and non-plan distinction, amalgamation of the rail-budget with the Union Budget, and review of existing FRBM targets.

Budget 2017: What's in store for startup founders & their employees 

 However the Budget may not be too bad for digital startups. If you are running any online startup, lets see how it impacts you. Although for startups, this year's Budget didn't hold any positive surprises, the digital universe lucked out. If you are running any online startup, lets see how it impacts you. If you are a startup founder running a ‘profitable’ business with a turnover of less than Rs 50 crore annually, you should feel happy that the tax rate effectively is now cut to 25 percent from 33 percent earlier. However, if your startup is yet to make profits or does not have a roadmap like the usual ventures in ecommerce, food tech or hyperlocal logistics, you may not have a reason to cheer. The Finance Minister has extended the window for claiming a tax benefit from five years to seven years now. Now, your venture can claim a tax holiday on any three years starting April 2016 onwards.

SIAM, environment watchdog at loggerheads over BS-IV roll-out

 The countrywide roll-out of Bharat Stage IV (BS-IV) emission norms from April this year has set off a sparring war between the apex lobby body of automobile manufacturers and the Supreme Court-appointed pollution control watchdog. The countrywide roll-out of Bharat Stage IV (BS-IV) emission norms from April this year has set off a sparring war between the apex lobby body of automobile manufacturers and the Supreme Court-appointed pollution control watchdog. At the heart of the controversy is carmakers' plea that they be allowed to sell any unsold inventory which are BS-III compliant past the cut-off date of April 1. The Environment Pollution (Prevention and Control) Authority is sticking to its guns that the car manufacturers not be given any leeway in selling such old stock. It is worthwhile to remember that the watchdog, which was reconstituted by the Supreme court last year, challenged the order of Ministry of Road Transport and Highways (MoRTH), which had allowed automakers to sell old BS-III vehicles post the April 1 deadline.

Dalmia Bharat, Shree in race to buy Binani Cement unit “

As mentioned during our call, these are speculations and as a company we would not like to respond to the speculations,” Dalmia Bharat said in an email to a query on the matter. Dhirendra Tripathi Dalmia Bharat and Shree Cement are among at least three companies that have expressed interest in buying Binani Industries ’ subsidiary Binani Cement's 6.25 million tonne per annum cement manufacturing capacity in India. The company’s India cement plants are located at two districts of Rajasthan – Sikar and Sirohi. “Dalmia Bharat and Shree Cement are interested. There’s one MNC as well that has a large presence in India which is interested in buying,” an official familiar with the development said. Binani has cement manufacturing operations in Dubai and China as well and according to its website, also sells building material in Tanzania, the UK, Sudan, Namibia and South Africa.

Mumbai-based ArthVeda Fund Management Pvt Ltd (AVFM), on February 6, 2017

Announced that Qatar Holding (QH) has committed to invest USD 250 million in its affordable low and middle income (LMI) fund, which projects an IRR in excess of 18%-21%. In a statement, Bikram Sen, CEO of ArthVeda said that the subscription of the entire corpus of its FDI-compliant affordable housing fund by Qatar Holding, was the first substantial foreign inward investment into India’s affordable housing segment spanning LMI residences, immediately after India’s union The sweet spot of LMI residential real estate in India offers a significant opportunity to grow investments and AVFM will continue to build on this success by conceiving more of such vehicles, the company said, in a release. According to ArthVeda, it is estimated that India needs to build 19 million urban housing units in the low and mid-income category by 2022, across tier 1, 2 and 3 cities, which requires a capital of USD 1 trillion. “AVFM’s Affordable Housing Fund leverages our entire group’s leadership in the LMI lending segment and applies that to investments in affordable housing

Listing possible as Air India looks to restructure ownership 

Government plans to turn around the fortunes of the loss-making national carrier stop short of privatisation, according to a report in Livemint. "clearfix MT20 ipocabrd The government is considering a new ownership structure at Air India in an attempt to turn around the fortunes of the loss-making national carrier, according to a The report quotes two people familiar with the matter as saying that the proposed restructuring stops short of privatisation. The first step involves recasting almost Rs 28,000 crore of working capital debt that Air India owes to banks, by trading it with equity. The next step would involve inducting professionals equipped with proven financial and management skills. The final phase might include listing the company. leads the consortium of public sector banks, which have given these loans to Air India. Air India chairman Ashwani Lohani and SBI chairman Arundhati Bhattacharya have already met twice to discuss the plan

India to clock 7.4% GDP growth this fiscal:

StanChart The expectations of a growth recovery are contingent on consumption revival, especially rural demand as investment-led recovery will likely be gradual amid rising external woes, the global financial services major said. The Indian economy is expected to clock a GDP growth of 7.4 percent this fiscal largely driven by the lagged impact of a good monsoon and increased consumer spending, supported by pay commission awards, a Standard Chartered report says. The expectations of a growth recovery are contingent on consumption revival, especially rural demand as investment-led recovery will likely be gradual amid rising external woes, the global financial services major said. "We expect consumption to replace investment as the growth driver in financial year 2016-17," Standard Chartered in a research note said adding, "we forecast financial year 2016-17 GDP growth of 7.4 percent". According to the global brokerage firm, the recovery in rural consumption due to better monsoons is likely to support the consumption momentum generated by higher pay for public-sector employees. 

India has potential to clock 6-7% GDP growth: Goldman Sachs

India will remain one of the strongest growth stories in the Asia Pacific region as the country has a potential GDP growth rate of around 6-7 per cent or perhaps even more, global finances services major Goldman Sachs has said. India will remain one of the strongest growth stories in the Asia Pacific region as the country has a potential GDP growth rate of around 6-7 per cent or perhaps even more, global finances services major Goldman Sachs has said. Timothy Moe, the chief Asia Pacific regional equity strategist at Goldman Sachs Research views the current cyclical recovery coupled with improvements in the ease of doing business, that have largely flown "beneath the radar", as positive signs for India's long-term growth and corporate earnings environment. "The long-term growth perspective or potential for India is one of the highest in the Asia Pacific region. India has a potential GDP growth rate of between 6-7 per cent or perhaps even more," Moe said today. Lots of practical reforms have taken place and they are broadly facilitating the macro growth and should ultimately also translate into a better corporate earnings environment, he said.

Fiscal deficit target of 3.2% 'realistic': Arun Jaitley

 Finance Minister Arun Jaitley today said a "realistic" fiscal deficit target of 3.2 percent of GDP has been fixed for 2017-18 and 3 percent for the next year that could be achieved on account of higher tax revenues and disinvestment proceeds. | Finance Minister Arun Jaitley today said a "realistic" fiscal deficit target of 3.2 percent of GDP has been fixed for 2017-18 and 3 percent for the next year that could be achieved on account of higher tax revenues and disinvestment proceeds. He said the Budget for 2017-18 does not factor in the full gains accruing from the high-value currency demonetisation in form of higher taxes on undisclosed income. "As far as demonetisation is concerned, we will bear in mind that whatever is the revenue and other gains of it, they have not been fully factored. As against the 17 percent growth in (tax) revenue in the last two years, we have actually put it at 12 percent this year.

Budget 2017 to bring positive structure to economy: Anil Sardana Anil Sardana,

 MD & CEO, Tata Power is of the view that the efforts that the government has undertaken to bring a positive structure into the economy by moving towards a policy based administration with an increased focus on digitisation. Anil Sardana (more) MD, Tata Power | Anil Sardana, MD & CEO, Tata Power "We commend the efforts that the government has undertaken to bring a positive structure into the economy by moving towards a policy based administration with an increased focus on digitisation. The government’s commitment to rural electrification and the announcement of an additional 20,000 MW of solar target is a welcome step that gives a much needed boost to the renewable sector. However, we believe that for renewable sector to achieve its potential strengthening the Renewable Purchase Obligations (RPO) mechanism is essential and should be part of government’s larger vision for renewable energy." "The move towards improving electricity access to rural India will be instrumental in contributing to the social and economic development of the country.